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NEW ROCHELLE, N.Y. - The College of New Rochelle President Judith Huntington abruptly resigned over the weekend as the school investigates “significant unmet financial obligations.”

In a statement issued Tuesday morning, the Board of Trustees at The College of New Rochelle (CNR) announced that they had accepted Huntington's resignation, effective on Saturday.

Dorothy Escribano, the Provost and Senior Vice President for Academic Affairs at the school has been named as interim President. Kevin Cavanagh, CNR’s Vice President of Enrollment and Management will step in as the new Executive Vice President of Strategy and Planning.

The unexpected resignation comes after the Board of Trustees was alerted about “significant unmet financial obligations that had accrued over a period of time” last month. The Board subsequently launched an investigation and enlisted the help of officials to restructure and manage CNR’s finances. A forensic accountant and outside legal counsel were also hired to perform the investigation, which is ongoing.

“We are examining all of our options as we work to meet the financial challenges and protect the interests of our students and the CNR community,” Gwen Adolph, the Chair of the Board of Trustees said in the statement. “We anticipate providing more details regarding this matter when the investigation is complete.”

Huntington came to CNR through her role as a client senior manager for KPMG. After working with the college from the other side of the table for nearly a decade, she was approached by the school’s retiring CFO as a potential replacement. She was named the 13th CNR president in 2011.

Details of the alleged misappropriations were not readily available. Huntington could not be reached for comment on Tuesday.

“Our foremost responsibility is to the students and their families, who have invested their resources and their futures in the quality academic programming that this college has provided. We have made these changes because we are looking in new directions to protect and preserve the mission of The College of New Rochelle. We are committed to ensuring that our students have the opportunity to complete their education and take advantage of life’s opportunities.”